Gunns signs agreement to replace Great Southern as responsible entity
Gunns Limited has signed an implementation agreement to replace Great Southern (GSMAL) as the responsible entity of the 1998-2006 forestry managed investment schemes (Pulpwood Schemes).
The proposal is subject to approval by growers.
Gunns has also agreed to, but is yet to finalise, an asset sale agreement to acquire forestry assets of the Great Southern Group for about $8.7 million.
Meanwhile, Great Southern's creditors have voted at a meeting in Melbourne for the majority of Great Southern companies to be liquidated.
Twenty-seven of the 35 companies have been placed in liquidation, with the future of the remaining eight to be decided at meetings in Perth on December 3, according to Great Southern administrators Ferrier Hodgson.
Ferrier Hodgson had recommended the Great Southern group of companies be wound up, with the group deemed to be insolvent.
"The move to liquidation is a direct result of there being no realistic alternative solution in the form of a Deed of Company Arrangement," Ferrier Hodgson partner and administrator Martin Jones said.
On May 16, Ferrier Hodgson was appointed the administrator of each company of the Great Southern group.
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